© Dukascopy Bank SA
- ASB Institutional (based on The New Zealand Herald)
Pair's Outlook
The New Zealand Dollar extended its rally on Tuesday, completely ignoring the immediate resistance, as it stabilised at 0.6543. The Kiwi remains strong today as well, amid risk on sentiment and rising oil prices. Although a rather strong resistance cluster, represented by the Bollinger band, weekly and monthly R2s, lies on the NZD/USD's path, the pair decides to neglect its presence. The NZD is likely to close above 0.66, taking a step closer to the August high of 0.6706. Moreover, technical indicators retain bullish signals, bolstering the possibility of the positive outcome.
Traders' Sentiment
Short positions increased, taking up 61% of the market, up from 55% yesterday. The number of sell orders also increased, from 65 to 79%.
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